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Pinewood Group Limited Report As at and for the Year to 31 March 2021

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Pinewood Group Limited Report As at and for the Year to 31 March 2021 Pinewood Group Limited Report as at and for the year to 31 March 2021 Full year highlights Operational and industry highlights • The BFI reported that the combined UK film and high-end television (‘HETV’) production spend in Q1 CY21 was £0.9 million from 75 productions. This is the highest Q1 spend on record and is 11% higher than that of the corresponding period last year • The Group continues to follow Government guidance in respect of the pandemic and to update our operating procedures, as required, to ensure a safe working environment for our employees, customers and visitors to the studios • The business has been resilient throughout the pandemic, with Pinewood and Shepperton remaining fully open and available. Universal’s Jurassic World: Dominion, Netflix’s Anatomy of a Scandal, and Disney’s The Little Mermaid were a few of the productions that were filmed at our studios during the year • The Group has delivered a strong set of results, with Adjusted EBITDA growing by 8% to £62.7 million (FY20: £58.1 million) in the year to 31 March. This reflects a full year of earnings from both Pinewood East phase II (“PWE II”) and the two long-term contracts. The TV and Post-Production customers which had delayed their production schedules during Q1 FY21 due to the pandemic, have largely returned Strategic highlights Expansion projects progressing: • Real estate optimisation (“REO”): ground and enabling works for five new stages at Pinewood West, pre- let to Disney, are complete and construction is underway. The delivery of the stages is expected in Q2 CY22 • Shepperton expansion: received detailed planning consent for all areas of the Shepperton expansion. Shepperton North West (c. 170k sq ft) represents the first phase of the expansion and preparatory works are underway • Pinewood East Phase 3: detailed planning permission for 4 new sound stages, plus other production accommodation, for the last phase of development at Pinewood East is expected shortly • Pinewood South: following the acquisition of c.77 acres of land adjacent to Pinewood Studios in August 2020, the Group submitted a planning application for the development of a UK Screen Hub. The proposal sets out plans to expand the production accommodation at Pinewood Studios and add a visitor attraction, an educational training hub and a business growth centre. The local planning authority is now expected to give its decision in Q4 CY21 Financial highlights The table below provides an overview of key performance indicators for the period: Year ended Year ended 3 months to 3 months to 31 March 31 March 31 March 31 March 2021 2020 2021 2020 £'000 £'000 £'000 £'000 Turnover 96,888 96,392 24,898 25,901 Adjusted EBITDA 62,690 58,060 16,202 16,172 Adjusted EBITDA margin 64.7% 60.2% 65.1% 62.4% Cash generated from operations 61,438 74,168 (9,730) 4,332 Capital expenditure* (31,678) (34,320) (11,186) 65 Adjusted net debt (452,404) (457,345) (452,404) (457,345) * Capital expenditure represents the total purchase of property, plant and equipment, purchase of intangible assets, investment in and repayments from joint ventures and associates, net of proceeds from disposal of property, plant and equipment, intangibles, investments and joint ventures, as disclosed in the cash flow statement Adjusted EBITDA has grown by £4.6 million, despite turnover remaining broadly flat on prior year, with adjusted EBITDA margin growing to 64.7% (FY20: 60.2%). The margin improvement was principally driven by the expansion of the UK Studios business, the cessation of lower margin businesses, combined with temporary savings and cost control measures being implemented in light of the pandemic. 2 Turnover Turnover for the year to 31 March 2021 was £96.9 million (FY20: £96.4 million). An increase in performance from UK studios was largely offset by the decrease in revenues from Post-Production, and a minor fall in International revenues following our exit from the agreements with the Malaysia, Wales and Atlanta studios. UK studios benefitted from a full year of additional production accommodation at PWE II, together with the two long-term contracts, which increased occupancy levels, and strong resales of production accommodation. This was marginally reduced by lower revenues from the sale of studio services (including energy), with these services now covered under the terms of the two long-term contracts. The long-term contracts contain indexation provisions which, in accordance with FRS102, result in certain revenue being recognised on a straight-line basis over the initial term, rather than increasing each year. Consequently, revenue was adjusted upwards by £3.0 million (FY20: £1.4 million) compared with the contractual amounts due. Our ancillary businesses (Post-Production and TV) saw lower revenues in the year, due in part to COVID-19 but mainly due to the closure of Picture Services and Creative Audio businesses, two of our Post-Production business lines. Like for like revenue from our remaining Post-Production business was lower this year when, in Q1 FY21, our customers’ schedules were delayed due to COVID-19; activity has gradually returned to normal levels over the last nine months. TV was also impacted by COVID-19, with two of the three TV studios remaining empty until July, whereafter productions returned to close to normal levels. Adjusted EBITDA Adjusted EBITDA increased by £4.6 million to £62.7 million (FY20: £58.1 million) due to: (i) increased revenues from the higher margin UK studios business, with the opening of PWE II and the two long-term contracts supporting higher studio occupancy; (ii) a higher level of resale income; (iii) a £1.6 million higher uplift from the application of FRS102 to certain indexation clauses of our long-term contracts; (iv) a reduced level of maintenance spend during the first lockdown and a moderate level of continuing cost control; (v) a reduction in selling, distribution and administrative expenses following the streamlining of business processes and other cost savings since the start of the pandemic; partially offset by (vi) reduced activity within the Post-Production and the TV studios businesses as a result of the pandemic; (vii) a slightly reduced profit from exiting the Creative Audio business, and (viii) advisory fees incurred in relation to an aborted acquisition. Adjusted EBITDA margin of 64.7% (FY20: 60.2%) remained high. The margin improvement is due to growth in the higher margin UK Studio business, as outlined above, the cessation and exit from lower margin businesses, and temporary savings and cost control measures implemented in light of the pandemic. These margin improvements were partly offset by a reduction in revenues from the Post-Production business, as a direct result of COVID-19. Reconciliation of profit after taxation to Adjusted EBITDA Year ended Year ended 3 months to 3 months to 31 March 31 March 31 March 31 March 2021 2020 2021 2020 £’000 £’000 £’000 £’000 Profit after taxation 33,734 18,383 9,282 10,701 Tax charge on profit 9,276 5,939 1,644 1,624 Net interest payable and other charges 9,136 19,564 2,548 2,642 Depreciation of property, plant and equipment 10,344 9,624 2,572 2,599 Impairment of property, plant and equipment - 770 - 770 Amortisation of intangible assets 973 563 230 140 Loss/(profit) on disposal of property, plant & 1,783 125 (74) 125 equipment EBITDA 65,246 54,968 16,202 18,601 Adjusted items ** (2,556) 3,092 - (2,429) Adjusted EBITDA 62,690 58,060 16,202 16,172 ** See note 3 of the financial statements for details of adjusted items for the year ended 31 March 2021 and 2020 3 Cash flow and capital expenditure The cash balance at 31 March 2021 was £297.6 million compared with a balance at 31 March 2020 of £92.7 million. The movement in cash since 31 March 2020 is attributable to a cash inflow of £205.3 million (FY20: inflow of £53.3 million) and £0.3 million of foreign exchange losses. The FY21 cash inflow of £205.3 million was principally due to the refinancing in January 2021, where the Group issued a further £200.0 million of senior secured notes generating net proceeds of £204.6 million. The notes issued are under the same terms and conditions as the Group’s existing notes. Excluding the impact of the refinancing, the Group delivered a net cash inflow from operations of £32.3 million and invested £31.6 million mainly in capital expenditure, leaving a £0.7 million net inflow of cash (FY20: £2.7 million excluding the cash impact of certain adjusted items as reported in the accounts for year ending 31 March 2020). Adjusted Net debt and liquidity Adjusted net debt as at 31 March 2021 stood at £452.4 million, based on £750.0 million of senior secured notes and a cash balance of £297.6 million. Adjusted net debt at 31 March 2020 was £457.3 million, based on £550.0 million of senior secured notes and a cash balance of £92.7 million. Paul Golding, CEO, commented Pinewood’s performance over the past year and throughout the pandemic illustrates the company’s resilience afforded, in part, by the long-term contracts we have with our major customers. This resilience combined with the fundamentals of film and high-end television production gives us confidence to continue to invest in the business and thus maintain Pinewood’s pre-eminent position. During the year, we have improved our existing UK studios, strengthened our teams and invested in new systems to ensure we continue to provide our customers with a better experience.
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